REPORT  ON  ECONOMIC 


a_nd- 

GENERAL  BUSINESS  CONDITIONS 
IN  FRANCE 


unniRy  of  rHf 


9  9  1926 


u  <  i  i  i  &.• 


Ufti-  y  (jr  jm^Qjg 

PUBLISHED 
Ut  the 

CRAMBRE  DE  COMMERCE  FRANCA ISE 
DE  NEW  YORK,  Inc. 

456  Fourth  Avenue 
New  York 


¥ 


ifHF  <  -;Y  FTMg 

FEB  181926 

TWf 

*6 


Reproduction  authorized  provided  credit  he 
given  to  the  Cha^nbre  Tie  Commerce  Franqaise 
de  New  York,  Inc. 


V 


New  York,  January  16th  1926. 


CHAMBRE  DE  COMMERCE  FRANCA ISE  DE  NEW  YORK,  Inc. 

Report  No.  44 

FRANCE 


FOREIGN  TRADE 

The  official  statistics  contained  in  oages  2  and  3 
indicate  that  during  the  first  ten  months  of  1925  France's 
foreign  trade  has  increased  both  in  imports  and  exports,  the 
former  by  a  little  more  than  4%  and  the  latter  by  nearly  8#. 

The  increase  in  imports  (*  Frs.  1*398,500,000) 
bears  on  raw  materials  (*  Frs.  1,155,500,000  or  b\%)  and  manu¬ 
factures  (*  Frs.  245,500,000  or  6%)  while  the  item  foodstuffs 
has  slightly  decreased. 

In  exports,  with  the  exception  of  food  products, 
the  shipments  of  which  decreased  by  364,000,000  francs  or  ll%%9 
all  groups  of  commodities  participated  in  the  total  increase 
as  follows: 

Raw  materials  *  Frs,  1,513,500,000  (18 %) 

Manufactures  *  "  1,410,000,000  (  7%) 

Parcel  post  shipments  *  **  118,500,000  (  7%) 

The  favorable  balance  of  France's  foreign  trade  with 
foreign  countries  and  her  Colonies  amounts  for  the  first  ten 
months  of  the  year  to  Frs.  2,631,037,000  against  Frs.  1,351,953, 
000  for  the  same  period  of  1924. 

As  regar*  tonnage  during  the  period  under  review, 
it  he s  decreased  by  7,850,581  tons  in  imports,  but  increased  bv 
1,153.895  in  exports. 


-  -  -  o  *-  -  - 

Below  ore  shown  the  official  statistics  Covering 
the  foreign  trade  of  France  in  October  1925  and  October  1924, 
both  as  to  value  and  tonnage: 


VALUE 


Oct.  1925  Oct.  1924  Differences 


IMPORTS 

(Thou 

sand  f 

r  a 

n  c  s  ) 

Food  products 

902,171 

803,172 

km 

• 

98,999 

R 8 w  materials 

3,076,146 

2,190,594 

Mm 

9 

885,452 

Ma nuf ac tures 

498,028 

411,125 

Mm 

m 

86.903 

Tota  1 

4,476,245 

3,404,891 

* 

1,071,354 

EXPORTS 

Food  products 

362,458 

349,096 

Am 

9 

13  ,3  62 

Raw  materials 

1,150,021 

817,633 

♦ 

332,388 

Ma nuf a  c  tures 

2,646,669 

2,209,713 

Mm 

9 

436,956 

Parcel  post  shipments 

215,603 

196,758 

♦ 

18,845 

Tota  1 

4,374,751 

3,573,200 

• 

801,551 

2 


(  c  ort  irue  d  ) 

TONNAGE 


Oct.  1925 

Oct.  1924 

Difference 

IMPORTS 

( 

Tons 

) 

Food  products 

504,289 

498,768 

*• 

5,521 

Raw  materials 

4,031,776 

4,022,3  79 

t 

9,397 

Manuf  a  c  tures 

107,342 

118,601 

- 

11,259 

Total 

4,643,407 

4,639,748 

♦ 

3,659 

EXPORTS 

Food  products 

135,884 

167,874 

_ 

31,990 

Raw  materials 

1,945,936 

2,205,937 

- 

2  60,001 

Manuf a c tures 

366,868 

308,867 

* 

• 

58,001 

Parcel  post  shipments 

3,918 

3 ,612 

• 

3  06 

Tots  1 

2 ,452 ,606 

2 ,686,290 

233 ,684 

Table  giving  a  comnerison  of 
imports  and  exports  in  va lue 
and  tonnage  for  the  first' 
ten  months  of  1925  and  1924, 

FIRST  TEN  MONTHS 
VALUE 


imports 

1925 
(T  h 

1924 

ousand  fr 

Differences 

arcs) 

Food  products 

Raw  materials  (1) 

Ms nuf ac tures 

7,366,658 
22  ,251,872 
4,342 ,132 

7 ,3  69.,  079  - 

21,096,287  * 

4,096,678  * 

2,421 

1,155,585 

245,454 

Tota  1 

33  ,960,662 

32,562,044  * 

1,398,618 

(1)  Including  coal 
and  by-products 

2,399,111 

3,202,785 

EXPORTS 

Food  products 

Raw  materials 

Me nuf a  c tures 

Parcel  post  shipments 

2,826,262 

9.997,883 

22,055,038 

1,712,516 

3,190,342  - 

8,484,370  * 

20,645,208  * 

1,594,077  * 

364,080 

1,513,-513 

1,409,830 

118,439 

Tota  1 

36.591.699 

33,913,997  * 

2,677,702 

FIRST  TEN  MONTHS 

TONNAGE 

IMPORTS 

1925 

( 

1924 

Tons 

D if  ferences 

) 

Food  products 

Raw  materials  (l) 
Manuf a c  tures 

4,205,657 

34,247,474 

1,007,382 

4,761,347  - 

41,367,554  - 

1,182,194  - 

555,690 

7,120,080 

174,811 

Tota  1 

39,460,514 

47,311,095  - 

7,850,581 

(1)  Including  co8l 
and  by-products 

20,473 ,332 

26,561,202 

Yf  .1 


r 


l  A  ) 


t 


3 


(  c  ont  inue  d  ) 

1925  1924  Differences 

EXPORTS  (Tons  ) 


Pood  products 

1,098,224 

1,271,643 

- 

173 ,419 

Rew  materials 

20,500,835 

19,605,473 

- 

895,362 

Mn nufcc tures 

3 ,411,083 

2,981,760 

* 

429,323 

Parcel  post  shipments 

31,709 

29,080 

* 

2  ,629 

Tot  a  1 

25,041,851 

23,887,956 

¥ 

1,153 ,895 

Number 

and  tonnage 

of 

vessels 

which  i 

entered  and  cleared  the 

ports 

of  France  in 

October  1925 

and  comparison  with 

October  1924. 

ENTER 

E 

D 

Oct 

.  1925 

Oc  t . 

1924 

No,  of 

No.  of 

ships 

Tonnage 

ships 

Tonnage 

French  ships 

863 

1,133,499 

823 

1,123,111 

Foreign  tT 

1,541 

2  ,974.216 

1,641 

2.827,599 

Tota  1 

2,404 

4,107,715 

2,464 

3,950,710 

C  L  E  A 

R  E 

D 

Oct 

.  1925 

Oct . 

1924 

No.  of 

No.  of 

ships 

Tonnage 

ships 

Tonnage 

French  ships 

637 

896,3  04 

602 

752,080 

Foreign  " 

1,190 

2,516,851 

1,159 

2,201,142 

Tota  1 

1,827 

3 ,413 ,155 

1,761 

2 ,953 ,222 

Grand  Total 

4,231 

7,520,870 

4,225 

6,903 ,932 

The  above 

table  shows  sn  increase  of  6 

vessels  and 

616,93  8  tons  as 

compered 

with  September 

1924. 

Number 

end  tonnage 

of 

vessels 

which 

entered  and  cleared  the 

port  s 

of  France  dur 

ing 

the  first 

ten  months  of  1925 

and 

1924. 

E  N 

T  E 

RED 

FIRST 

TEN 

MONTHS 

192  5 

1924 

No.  of 

No.  of 

ships 

Tonnage 

ships 

Tonnage 

French  ships 

7,534 

10,394,415 

7,651 

10,338,700 

Foreign  ” 

14,698 

26,574,406 

15,962 

25,279,282 

Total 

22,232 

36,968,821 

23,613 

35,617,982 

1 


f  .-V 


4 


( c  ort  inued ) 

G  L  E  A  R  E'D 
FIRST  TEN  MONTHS 


1925  1924 


No.  of 
ships 

T  onn  c ge 

No.  of 
ships 

Tonnage 

French  ships 

6  ..  534 

8,257,729 

6,078 

7.358.199 

Foreign  t! 

12  .3  31 

22,868,913 

11 , 489 

19.892 ,323 

Total 

18  ,865 

3 1 , 126 , 642 

17,567 

27,250.522 

Grand  Total 

41,097 

68,095,463 

41,180  • 

62,868,504 

The  movement  of  vessels  during  the  first  ten  months 
of  1925  has  decreased  by  83  ships  but  increased  by  5,226,959  tons 
over  the  same  period  of  1924. 


Foreign  trade  of  France  with  the 
main  countries  and  her  colonies 
during  the  first  ten  months  of 
1925  and  1924. 


IMPORTS 


FIRST  TEN  MONTHS 


1925  1924 

(Thousand  francs) 


United  States.;..;....'. 

Great  Britain  ......... 

^elgium-Luxembourg ..... 

Germany . . 

Argent  ine . . . . . 

Its ly ..............  c  .. . 

Brazil . . 

Holland  . ...... »  . 

Spa  in  - 

Sw  i  t  zer  land.,... . . 

Sweden. . 

Canada  . . . 

N  or  way.......  ...  ..  ...... 

Jo  pan . , 

Czechoslovakia . 

Other  countries . 

Total 


Algeria . . . 

Indo-China ...... , ...  ...  ....  ....  ...... . 

Senegal, . . . „ 

Tun  1  s  i  a . . . . . 

Ma dagos car  and' dependencies . . . 

Morocc  o. . . , . . . 

Ot^er  colonies  and  protectorates . 

Tot a  1. ...... . 

Grand  Total......... 


4,850,982 
4.455.080 
2,444, 621 
1,858,483 
1,293,948 
1,290,245 
1,079,837 
1,007,238 
648,635 
592,984 
408,211 
300,822 
231,577 
225,533 
137,978 
9. 52 ly 209 

30,332,383 

1,276,913 
474,715 
460,431 
319,422 
251,753 
152,379 
692 ,656 

3 ,62  8,279 

33 ,960,662 


4,536.352 
4.037,813 
2.168,815 
1,697,501 
1,508.878 
1,229,316 
842 . 673 

966.531 
677,937 
522,780 
447,981 
427,856 
141,986 
378,305 
149,824 

9,446,737 

29,181,285 

1,377,844 
254,953 
352 ,503 
248,249 
228,796 
178,882 

739.532 

5,380.759 

32.562.044 


The  total  increase  in  imports  for  the  first  ten 
months  of  1925  was  of  Frs.  1,398,618,000. 


5 


EXPORTS 


FIRST  TEN  MONTHS 

1925  1924 

(Thousand  francs) 


Grer  t  Britain . . 

Be  lg  ium-Luxe  mb  ourg . 

Germany . .  i .....  . 

United  States . . 

Switzerland. ........ 

Italy . •••••' 

S  pa  In . . .  .  . 

Holland . . 

Arger  tine .......... . 

Brazil. 1  ........... . 

Canada  .............. 

J  a  pa  to  . . .  * . . . 

Czechos lovakia ...... 

Sweden. ............. 

Norway. . .  . . . 

Other  countries . 


Tota  1 


Algeria .............................. 

Mor  occo. ........... . ...  .............. 

Ind o-Chira . . . . . «. . . . . . . . . . . ^ «  ,  .  .  . . .  .  . 

Tun is ia  ^  ^ ^  . . .  . 

Senegal . I  ........ . 

Madagascar  and  dependencies..... . 

Ot^er  colonies  and  protectorates..... 

Total . 

Grand  tote  1, , . . . . 


7,397.417 
6,087,256 
3 , 182 , 183 
2,453 ,133 
2,371,548 
1,770,141 
1,116,919 
985,601 
648,780 
364,899 
290,852 
201,221 
138,789 
107,255 
72,630 
4,414,745 

31,603 ,369 

2,195,838 

675,157 

590,785 

441,764 

308,156 

297,650 

478,980 

4,988,330 

36,591,699 


6.500.457 
5.886,569 
3,000,951 
2,637,572 
2,168,998 
1,161.571 
948,361 
958,226 
594,452 
293  ,289 
290,306 
186,809 
77,688 
127,315 
74,759 
4,827,3  47 

29,734,676 

1,941,447 

561,344 

466,877 

431,795 

239,321 

130,289 

408,254 

4,179.327 

33,913,997 


The  total  increase  in  exports  for  the  first  ten 
months  of  1925  was  of  Frs.  2,677,702,000. 


TAX  RETURNS 


The  October  returns  pertaining  to  the  general 
budget  amounted  to  Frs.  2,973,845,800  including  Frs.  52,643.100 
recovered  on  war  profits.  The  regular  receipts  formed  a  total 
of  Frs.  2,885,306,200,  8  decrease  of  61,791,000  as  compared  with 
October  1924.  For  the  first  ten  months  of  1924  this  revenue 
exceeded  by  Frs.  1,141,386,900  that  of  the  same  period  of  the 
previous  year.. 

Direct  taxes  and  monopolies  produced  in  October 
Frs.  2,262,103,000  representing  an  Increase  of  Frs.  132,928,000 
over  October  1924  and  a  decrease  of  Frs.  86,564,500  below  the 
estimates. '  For  the  first  ten  months  of  1925  this  Item  brought 
in  Frs.  17^979-, 991 ,000,  i.  e.  176,620,000  more  than  the  estimates 
and  1.482,413.500  over  the  hesult  of  the  same  period  of  1924. 

The  sales  tax  yielded  in  October  Frs*  .376,256,000 
which,  as  compared  with  the  estimates  and  receipts  of  October 
1924  mean's  decreases  of  Frs.  51,711*000  end  Frs*  52,314,090 
res nec t ively.  For  the  first  ten  months  of  the  year  the  selbs 
tax  produced  a  revenue  of  3,710*199,000  viz.  158,665,000  over 
the  estimates  and  339,007,000  francs  over  1924. 


6 


The  October  collections  of  the  Registrar’s  office 
for  the  stamp  dues,  imposts  on  Bourse  tradings  and  on  revenue 
from  securities  snd  the  luxury  tax  on  transactions  by  other  than 
tradesmen  tot  .led  Frs.  1,030,704,000  which  means  a  decrease  of 
52,384,000  (5$)  below  the  estimates  and  an  increase  of  95,560,000 
(10$)  over  October  1924,  the  latter  resulting  mainly  from  taxes 
on  the  exchange  of  stocks,  the  sale  of  real  estate  and  the 
schedule  of  securities. 

The  receipts  of  the  Customs  Department  which  include 
the  taxes  on  mineral  oils,  colonial  produce,  gasoline,  benzol, 
salt  and  sugar,  amounted  in  October  to  Frs.  203,912,000  consti¬ 
tuting  a  shortage  of  10,430,000  as  compared  with  the  estimates, 
and  8n  overage  of  5,867,000  over  October  1924. 

The  Indirect  Tax  Department  collected  in  October 
Frs.  650,813-,  000,  i.  e.  28.077,000  more  then  estimated  and 
83.636,000  o'ver  1924.  ‘The  excess  in  revenue  was  yielded  prin¬ 
cipally  by  the  tax  of  30$  on.r  spirits  and  taxes  on  sugar,  wines 
and  cider,  automobiles  and  railways. 

The  receipts  belonging  to  the  budget  of  the  Postal 
Department  are  not'  included  in  the  above  figures:  they  amounted 
to  Frs.  148,455,000  which  is  7,519,000  ov°r  the  estimates  end 
22.654,000  over  the  collections  of  1924. 

Revenue  yielded  in  October  1925 
by  indirect  taxes  and  monopolies 
and  comparison  with  October  1924, 


October  192  5  October  1924 
TAXES  (Thousand  francs) 


Registra t ion. 

579,953 

♦ 

58,767 

S  tamp  due  s . . 

120,552 

• 

21,165 

Stock  Exchange  transactions....... 

13,3  99 

* 

5,591 

Secur  it  ies  . . . . . 

315,915 

* 

10,418 

Luxuries  . . 

885 

mm 

381 

Seles  tax . . . . . .  . 

376,256 

- 

52,314 

Cus  t  oms  dut ies........... . 

132,120 

* 

• 

862 

Indirect  taxes....... . ,...* 

392,221 

* 

• 

63  ,225 

Colon  la  1  produce ^ . 

19,807 

A. 

• 

194 

seit.. . . . . 

4,397 

* 

382 

Sugar . . . 

40,527 

• 

5,902 

Oil  and  gasoline, . . . 

37,823 

* 

• 

4,864 

Benz  ol. . . . 

1,212 

463 

MONOPOLIES : 

Indirect  taxes  8nd  miscellaneous 
exploitations... . . 

227,03  6 

♦ 

14.716 

Tote  1. .... . 

2,262,103 

¥ 

132 .928 

Grand  total  for  the  first 
ten  months  . . . . . 

17,979,991 

* 

1,482.413 

PRODUCTION  AND  EXPORT  OF  IRON  AND  STEEL 

Because  of  the  increased  domestic  and  foreign 
demands,  the  latter  induced  by  the  depreciation  of  the  franc, 
the  production  of  pig  iron  has  in  October  reached  739,000  tons 
against  717,000  in  September?  that  of  steel  attained  668,000 
tons  against  632,000  in  September. 

The  estimates  covering  the  output  in  November  and 
December  tenet  to  show  for  1925  an  approximate  production  of 
8,500,000  tons  of  pig  iron  and  7,650,000  tons  of  steel  as  compar¬ 
ed  with  7,657,000  and  6,907r000  tons  respectively  in  1924. 


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Exports  attained  ir  October  50,000  tors  of  rig  iror 
md  220. 0°°  tors  of  iror  and  steel  products  against  52.000  and 
3o$,ooo  tors  respectively  ir  September.  Heavier  exports  rre  ex¬ 
pected  for  November  ord  December. 

COAL  AND  COKE  PRODUCTION 

Prerch  collieries  dug  out  ir  26  working  davs  of 
September  4,050,677  tors  of  cool  ogoirst  3,864*812  tors  ir  25 
workirg  dcys  of  August,  Ir  October  with  26  workirg  days  the  pro¬ 
duct  ior  wo s  4,277,819  tors. 

The  cool  mires  of  France  located  withir  the  old 
frortiers  succeeded  ir  producing  o  doily  overage  of  141,638  tors 
which  means  ..  r  increase  of  about  5,500  tors  o  day  over  the  1913 
output.  The  Lorraine  collieries  have  beer  producing  besides  an 
average  of  16,800  tors  per  workirg  day. 

The  coke  overs  annexed  to  the  French  collieries 
hove  turned  out  in  September  262,564  tors  and  in  October  275,737 
tors  of  coke  against  a  monthly  overage  of  2  45,000  tons  ir  1913, 

IF ON  ORE  PRODUCTION 

There  were  dug  out  in  September  3,090,000  tors  of 
iror  ore  ogoirst  2,968,000  tors  the  previous  month. 

CARLOAD  INC S 

The  average  number  of  freight  cars  loaded  doilv  ir 
October  was  66.542  against  64,107  ir  September  ord  60,143  ir 
Augus  t . 

AUTOMOBILE  IMPORTS  AND  EXPORTS 


year : 


France  bought  during  the  first  nine  months  of  the 


12,669  automobiles 
785  " 

84  " 

60  " 

115  n 


from  the  United  States 
"  Italy 
"  Belgium 
"  Great  Britain 
n  Other  countries 


making  a  total  of  13,713  cars  valued  at  Frs.  112,637,000  ogoirst 
9,913  cars  valued  at  79,188,000  francs  ir  the  same  period  of  1924. 


follows : 


Imports  of  trucks  and  commercial  vehicles  were  os 


Fr  om 

Great  Britain 

75 

Tt 

Belg iurn 

11 

n 

United  States 

11 

it 

Other  countries 

15 

Total 

110 

representing  a  value  of  923,000  francs,  ogoirst  91  vehicles 
worth  697.000  ir  1924. 

Or  the  other  hard  France  exported  care  and  trucks 
during  the  period  under  review  os  follows: 

Total  Exports 
1925  1924 


Cars  42,670  31,584 

Value  Frs.  1.386,116.000  914.870,000 


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Ve  lue 


192  5 
3,643 

Frs.  132.051,000 


Total  Experts 


1924 

3 ,131 
98,868*000 


The  mein  purchasers  were  as  follows! 


Cars 


True  ks 


l 


Great  Britain 

12*386 

265 

Spa  in 

5,831 

367 

Be  lg  ium 

5,129 

:  sol 

Algeria 

3,638 

312 

Germa ny 

2,272 

344 

Switzerland 

2,258 

809 

ALSATIAN  POTASH  SALT  PRODUCTION 

The  October  output 

of  the  Alsatian  salt  mines  shows 

a  greater  monthly  result  than  had 

been  so  far  attained. 

as  will 

he 

seen  by  the  figures  below: 

Oc t  ober 

Oc  t  ober 

Oct  ober 

1923 

1924 

1925 

* 

( 

Tons 

) 

Svlvlnite  12/l6% . .  .  .  „ 

27,500 

23,500 

30,000 

Sylvinite  20/22%. .......... 

47.150 

63 ,900 

50,000 

Chloride  30/40% . .  ... 

7,700 

4,000 

11,500 

Chloride  50%  and  above . 

13,600 

16,300 

19,000 

Tot 8 1  sa Its . . . . . 

95,950 

107,700 

110. 500 

Pure  potash. . . 

23,700 

26,900 

29,500 

This  development  has  raised  the  total  for 

the  first 

ten 

months  of  the  year  10%  above 

the  result 

of  t  he  s  a  me 

period 

of 

1924  and  26%  above  that  of  1923.. 

WHOLESALE  PRICES 

(Basis  100  for  1914) 

The  wholesale  price 

index  as 

recently  published  by 

the 

Statistique  Generale  de  la  France  is  as 

follows : 

No.  of 

End 

of- 

articles 

Oct. 

Nov, 

General  index. . . 

45 

584 

618 

Food  pr  oduc  ts . * .  . 

20 

480 

500 

Vegetable  foodstuffs... 

8 

490 

517 

Animal  foodstuffs...... 

8 

466 

477 

Sugar,  coffee,  cocoa... 

4 

492 

515 

Industrial  commodities. 

,  25 

675 

722 

Minerals '  and'  me  tals .  .  . . 

;  ■  7 

651 

674 

Textiles . h  ....... . 

: .  6 

783 

875 

Miscellaneous . 

12 

626 

658 

RETAIL  PRICES 
(Basis  100  for  1914) 

Below  is  indicated  the  retail  price  index  covering 
the  cost  of  living  In  c  few  of  the  main  cities  of  France  for  a 
workman’s  family  of  four  persons: 


Paris 

Nancy 


Third  quarter 
November  1925 


1925 


401 

301 


9 


Di  j  on 

October  1925 

442 

Lyon 

September  first 

361 

Marseille 

October  23rd 

448 

Bordeaux 

September  30th 

413 

Rouen 

October  1925 

406 

Gross  receipts  of 
systems  of  France 
first  to  November 

Kilometers 

the  railroad 
from  January 
11th  192  5. 

Dif ferenc  es 
in  favor  of 

% 

in 

1925 

1924 

1925 

per 

Lines 

ol— rat  ion 

(Thousand  f 

rones) 

km.. 

State  Rys. 

9,064 

1,231,990 

1,101,075 

130,915 

11.80 

P.  L  „M. 

9,781 

2 ,330,980 

2,041,460 

289,520 

14. 18 

Northern 

3  ,830 

1,334,360 

1,215,738 

118,622 

9.76 

Orleans 

7,469 

1,118,925 

1,004,409 

114,516 

11.40 

Eastern 

5,027 

1,157,141 

1,075,141 

82,058 

7.63 

Southern 

Alsace- 

4,233 

527.661 

461,514 

66,147 

13.28 

Lome  ine 

2,266 

684,511 

636,132 

48  ,379 

7.46 

Tota  1 

BOURSE 

41,670 

8,385,568 

7,535,411 

850,157 

11.  15 

Owing  to  politics!  end  financial  considerations 
trading  on  the  Bourse  has  "been  of  Iste  considerably  restrained, 
the  consenuence  being  a  general  downward  tendency.  It  is  note¬ 
worthy  that  the  fate  of  the  franc  does  not  seem  now  so  involved 
as  certain  interests  have  wanted  it  to  appear.  Under  the  circum¬ 
stances  buyers  are  inclined  to  scrutinize’  the  Quotations  on 
foreign  securities  a  number  of 'which  he v»-  reached  too  high  levels 
under'  the  recent  rush  of  orders.  The  movement  in  favor" of 
foreign  stocks  has  therefore  rescinded  to  a  great  extent.  On  the 
other  hand  the  fear  of  new  taxation  on  business  profits  has  turn¬ 
ed  buyers  again  toward  French  rentes  and  the  3$  perpetual  is 
ranidly  improving,  the  issues  of  large  banking  institutions  end 
chemical  undertakings  following  this  localized  upward  trend  in 
spite  of  everything. 


FRENCH  COLONIES  AND  PROTECTORATES 
COTTON  EXPORTS  IN  1924 


The  Customs  statistiques  furnished  the  following 
\  figures  in  regard  to  the  exportation  of  cotton  from  French 

colonies  in  1924i 


Kilos 


Ind  o-Chine 
Senega  1 

Togo  Mandate  (9 
Dahomey 
Ivory  Coast 
New  Caledonia 
S  ud  a  n 
Guinea 


3  ,394,256 
948,357 
months)  917,575 
321,447 
262  ,  825 
110,964 
84,484 
65.542 


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FOREIGN  TRADE  OF  FRENCH  INDO-CHINA 


Official  statistics  regarding  the  year  1924  indi¬ 
cate  for  French  Indo-Chine  a  foreign  trade  of  Frs.  3.160,00^,000 
representing  Frs.  1,388,000,000  for  imports  and  1,771,000.000 
for  exnorts. 


The  share  of  France  end  her  colonies  in  this  trade 
amounted  to  Frs .  712,000,0^0  for  imports  and  346,000,000  for 
exnorts . 

FOREIGN  TRADE  OF  THE  IVORY  COAST  IN  AUGUST  192  5, 

The  foreign  trade  of  this  colony  reached  in  August 
Frs.  21,055,753,  of  which  8,772,318  for  imports  and  12,283.435 
for  exports.  In  August  1924  the  total  foreign  trade  had  been 
Frs.  19,734,558,  i.  e.  imports  Frs.  7*718,809  and  exports 
12 ,015,749, 

The  main  imports  ere  flour,  rice,  tobacco  leaf, 
wine,  textiles  and  iron  and  steel  products,  while  the  principal 
exports  are  tropical  woods,  palm  kernels,  cotton,  palm  oil, 
coco8,  glue  and  hides, 

GABON  fS  FOREIGN  TRADE 

The  foreign  trade  of  Gabon  during  the  first  quarter 
of  1925  amounted  to  Frs.  15,607,154  made  up  as  follows: 

With  France  9,760,181  francs 

"  French  colonies  695,148  " 

"  Other  countries  5,151,425  ” 

which  represents  en  increase  of  150$  over  the  some  period  of  1924 

The  total  imports  in  the  first  auorter  of  this  yesr 
amounted  to  Frs.  10,258,555  and  the  exports  to  Frs.  5,348,599 
which  means  for  the  former  an  increase  of  Frs.  5,519,356  end  for 
the  latter  an  increase  of  Frs.  3,482,574  over  the  first  three 
months  of  1924. 

The  increase  in  imports  is  evenly  distributed  on 
general  merchandise,  bearing  mainly  on  foodstuffs,  textiles  and 
metal  goods.  As  to  exports,  the  shipments  of  tropical  woods  are 
almost  entirely  responsible  for  the  advance,  especially  those  of 
okoume  which  increased  from  36,258  tons  (Frs.  1,026,335)  to 
59,207  tons  (Frs.  4,037,157).  The  shipments  of  other  cabinet 
woods  aside  from  those  of  ebony  increased  in  a  much  smaller 
nr op or t ion. 


CHAMBRE  DE  COMMERCE  FRANCA ISE 
DE  NEW  YORK,  Inc. 


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